Securities Services Act, 2004 (Act No. 36 of 2004) - REPEALED > Chapter IX : General Provisions > Powers of registrar and court > 95. Power of registrar to impose penalties

(1)

The registrar may impose a fine in the case of any failure by a regulated person to submit to the registrar within any period specified by or under this Act any statement, report, return or other document or information required by or under this Act to be so submitted, not exceeding R1 000 or such other amount prescribed by the registrar for every day during which the failure continues.

(2)	The registrar must, before imposing a fine, by written notice to the regulated person—

(a)	inform the regulated person of the registrar’s intention to impose a fine;

(b)	specify the particulars of the alleged failure;

(c)	set out the reasons for the intended imposition of a fine;

(d)	specify the amount of the fine intended to be imposed; and

(e)	call upon the regulated person to show cause within a period specified by the

(3)

If the registrar, after consideration of representations made by the regulated person, decides to impose a fine, the registrar must by written notice inform the regulated person that, not later than 30 days after the date of the notice, the regulated person may registrar why the fine should not be imposed.

(a)	pay the fine; or

(b)	appeal in terms of section 111 against the imposition of the fine to the board of appeal.

(4)

If a regulated person fails to pay the fine or note an appeal in terms of subsection (3), the registrar may file with the clerk or registrar of any competent court a statement certified by him or her as correct, stating the amount of the fine imposed on the regulated person, and such statement thereupon has all the effects of a civil judgment lawfully given in that court in favour of the board for a liquid debt in the amount specified in the statement.